On Oct. 29, 2013, Rabobank Nederland announced the resignation of the chairman of its executive board and a €774 million settlement related to the industrywide investigation into the setting of interbank offered rates. We are therefore revising our outlook on the long-term rating on Rabobank Nederland to negative from stable. We are affirming our 'AA-/A-1+' counterparty credit ratings on the bank. The negative outlook reflects the possibility that we may view the bank's franchise stability and risk management less favorably over the next 12 to 18 months. LONDON (Standard&Poor's) Nov. 4, 2013--Standard&Poor's Ratings Services said today that it revised to negative from stable its outlook on Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland) and its guaranteed subsidiaries,
